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Petro Matad kicks off Wildhorse exploration well in Mongolia

The drilling is expected to run for 30 to 45 days, taking the programme into the winter operating window

oil well drilling
Petro Matad said modifications have been made to the drill rig

Mongolia-focussed explorer Petro Matad Limited (LON:MATD) has kicked off drilling of the Wildhorse exploration well in western Mongolia.

The well will be drilled down to 2,200 metres and the programme is due to last for 30-45 days, potentially taking the programme into December.

READ: Petro Matad snow leopard well disappoints

Petro Matad noted that the winter conditions are expected to be milder than otherwise seen in eastern Mongolia, the company has made some modifications to the rig to enhance operability in low temperatures.

Consequently, it believes the drilling operations will be able to reach completion prior to winter shutdown in the region.

Wildhorse is targeting some 480mln barrels of prospective resources.

Quick facts: Petro Matad Limited

Price: 3.15 GBX

Market: AIM
Market Cap: £21.21 m

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